Home Sign in Research report Data Center Industry News Custom Research About us
Research report:                          Automotive  |  Electronics  |  Mechanical&Automation  |  New Energy  |  Medical  |  Advanced Materials  |  Building Products  |  Transportation  |  Communication  |  Chemical  |  Finance  |  IT Industry  |  Food  |  Home Appliances  |  Forestry  |  Agriculture  |  Textile  |  Culture Industry  |  Consumer goods  |  Others  |
 Home > Industry News > Finance > Text
Asian stocks smile and Apple gained profits
Author:Chenli    Source:Sino-report    Number of clicks :     Update time:2011-04-21 14:20
Asian stocks rallied, lifting the regional benchmark index to a seven-week high, after Apple Inc. (AAPL) posted better-than-expected profits and as energy shares gained. The Australian dollar and gold climbed to records amid concern higher oil prices

The MSCI Asia Pacific Index jumped 1.3 percent to 138.66 as of 3:08 p.m. in Tokyo. Futures on the Standard & Poor’s 500 Index rose 0.5 percent and those on the Euro Stoxx 50 Index increased 0.8 percent. Oil added 0.7 percent in New York, gold gained 0.3 percent and silver climbed to a 31-year high. The Australian and Singapore currencies reached new highs against the U.S. dollar, while the euro advanced to the strongest level in 15 months.

Equities are extending the biggest global rally of the year after Apple said second-quarter profit almost doubled. OCI Co. jumped to a record after South Korea’s biggest polysilicon maker posted a profit surge and Chinese banks gained after Citigroup Inc. said their earnings will rise. Central banks from Thailand to Brazil have lifted interest rates this week, while the Federal Reserve is forecast to maintain stimulus amid prospects for a weak recovery in the world’s largest economy.

“U.S. company earnings are clearly helping,” said Lee King Fuei, a Singapore-based money manager at Schroders Plc, which oversaw $307.9 billion as of Dec. 31. “In Asian economies where underlying fundamentals are stronger, inflation can potentially be a problem. Markets are a bit too complacent because there are still inflationary pressures.”

More than two shares climbed for each that fell on MSCI’s Asia Pacific Index. The MSCI World (MXWO) Index rose 0.4 percent, after jumping 2 percent yesterday, the most since Nov. 4. The rally over the previous two days has added $1.1 trillion to global stock market values, according to data compiled by Bloomberg.


South Korea’s Kospi index (KOSPI) gained 1.3 percent to close at a record high. Taiwan’s Taiex index surged 1.6 percent. OCI jumped 12 percent in Seoul. Industrial & Commercial Bank of China (601398) Ltd. added 1.4 percent in Hong Kong, leading Chinese lenders higher after Citigroup said the companies will report an average 29 percent increase in first-quarter profit. Keppel Corp. rose 1.7 percent in Singapore after the world’s largest oil-rig maker increased profit 7.8 percent last quarter.

Samsung Electronics Co. and Hon Hai Precision Industry Co. paced gains among Apple suppliers. Apple rose in extended trading after the maker of iPhones and iPads reported per-share profit of $6.40 a share, beating the average analyst estimate of $5.39 a share in a Bloomberg survey. Qualcomm Inc. (QCOM), the biggest maker of mobile-phone chips, also gained after posting second- quarter profit that topped analyst estimates.

‘Instill Confidence’

Morgan Stanley and General Electric Co. are among companies scheduled to release quarterly results today. Earnings-per-share exceeded predictions for about 75 percent of the 76 companies in the S&P 500 that reported results since April 11, helping revive investor confidence after S&P cut its rating outlook for U.S. debt on April 18. The S&P 500 rose 1.4 percent yesterday, the biggest advance in a month, while the Dow Jones Industrial Average surged to its highest level since June 2008.

“U.S. companies, especially tech stocks, are doing well, and that’s helping to instill confidence,” said Mitsushige Akino, who oversees about $600 million in assets in Tokyo at Ichiyoshi Investment Management Co. “Investors are looking to take a little bit more risk.”

Energy shares posted the biggest gains in Asia, led by a 3.5 percent jump in Inpex Corp. Crude oil rose 0.7 percent to $112.19 a barrel on the New York Mercantile Exchange, extending a 2.9 percent jump yesterday that was the biggest increase since March 17. Brent crude oil gained 0.6 percent to $124.64 a barrel on the London-based ICE Futures Europe.

Gold for immediate-delivery climbed as much 0.4 percent to a record $1,508.88 an ounce before trading at $1,507.15. Cash silver advanced 1.6 percent to $45.9950 an ounce, set for a seventh day of gains. Palladium increased 1.3 percent.

Producer Prices

The so-called Aussie climbed 0.5 percent to $1.0762 after earlier reaching $1.0772, the strongest since it was freely floated in 1983. A Bureau of Statistics report today showed Australia’s producer prices index rose 1.2 percent in the first quarter, exceeding the median estimate of 14 economists surveyed by Bloomberg News for a 1 percent increase.

Singapore’s dollar rose as much as 0.3 percent to S$1.2346 per U.S. dollar, supported by the central bank’s policy of favoring a strong currency to tame inflation. Thailand’s baht reached 29.90, its best level of 2011, after the central bank raised interest rates yesterday for the sixth time in less than a year. Malaysia’s ringgit reached a 13-year high of 3.0066 on speculation rate increases will resume after consumer prices rose in March at the fastest pace since April 2009.

Rate Outlook

“The inflation data increases the odds of a rate increase this quarter, while still supportive of growth,” said Suresh Kumar Ramanathan, foreign-exchange strategist at CIMB Investment Bank Bhd. in Kuala Lumpur. “Also, the intervention risk is lowered with most Asian currencies gaining in tandem.”

The dollar traded at $1.4612 per euro from $1.4523 in New York yesterday. It earlier reached $1.4618. The greenback dropped to 81.94 yen from 82.56 yen. The Dollar Index, which tracks the currency against those of six major trading partners, sank 0.6 percent to the lowest level since August 2008.

A report today is forecast to show U.S. house prices fell for a fourth month, underscoring prospects the Federal Reserve will maintain monetary stimulus even as central banks in Europe and Asia raise interest rates. Home prices in the U.S. fell 0.3 percent in February, the Federal Housing Finance Agency will say today, according to a survey of economists by Bloomberg News.

The cost of protecting Asia-Pacific corporate and sovereign bonds from default declined, with the Markit iTraxx Japan index, falling 1.5 basis points to 126.5 basis points, according to Deutsche Bank AG prices. The Markit iTraxx Australia index and the Markit iTraxx Asia index of 50 investment-grade borrowers outside Japan declined 1 basis point each, according to Credit Agricole CIB.

Order Online
Contact Us
Tel: 400-988-9999
Phone :+8615313587056
Online Consultation
Skype: Please Please
Latest Reports
[Finance] Payment market to get opening-up boost
[Finance] Monetary policy to ease funding troubles for small firms
[Finance] Trump, Putin call their talks successful
[Finance] Growing opposition in US to its tariff attack on trade: China Daily editorial
[Finance] The Economic Performance Continued to Stay Stable with Sound Momentum in May
[Finance] Market Price of Important Means of Production in Circulation, June 01-10, 2018
[Finance] Trade standoff hits US and China stocks
[Finance] Life insurance drags on premium income
[Finance] Overseas ratings agencies to launch units in China
Popular reports
The Economic Performance Continued to Stay Stable with Sound Momentum in May
Market Price of Important Means of Production in Circulation, June 01-10, 2018
Trade standoff hits US and China stocks
Industry Data
China opens market to Kenya's agricultural products
China's publishing industry booming over past 40 years
Industrial Production Operation in July 2018
Total Retail Sales of Consumer Goods in July 2018
National Real Estate Development and Sales in the First Seven Months of 2018
NSDP/SDDS for the People's Republic of China
Market Price of Important Means of Production in Circulation, July 01-10, 2018
In the first five months of 2018, the profits made by industrial enterprises above the designated siz
Purchasing Managers Index for June 2018
Market Price of Important Means of Production in Circulation, June 21-30, 2018
In global EV battery shipments during Jan - Apr 2018, LG Chem and Samsung SDI ranked 4th and 6th
Based on Jan - Apr shipment record, Kia Motors Remain on Top 10 in Global PHEV Power Brands Ranking
Consumer Prices for May 2018
Producer Prices for the Industrial Sector for May 2018
Industrial Production Operation in May 2018
Investment in Fixed Assets for the First Five Months of 2018
National Real Estate Development and Sales in the First Five months of 2018
Producer Prices for the Industrial Sector for April 2018
Stable Performance for the National Economy in April
Total Retail Sales of Consumer Goods in April 2018
Industrial Production Operation in April 2018
National Real Estate Development and Sales in the First four months of 2018
Sales Prices of Residential Buildings in 70 Medium and Large-sized Cities in April 2018
Industrial Profits Increased in the First Four Months of 2018
Industry News
Iron and steel sector gains strength
China’s wines take center stage
Machinery manufacturing fair boosts Sino-Russian ties
Medical device manufacturers display their latest technology
Soybean farmers store crops amid hopes of higher prices
Tourism industry opening on agenda
Tech competition eases startups' access to China market
China's excavator sales grow 44.9% in October
China's solid waste imports continue to slump on tightened ban
Delivery orders jump 25.12% to 1.35b on Singles Day
Related Links
Trade standoff hits US and China stocks

Sitemap       |       Join Us      |       Customer Service       |       About Sino-report
Copyright © 2011-2025 Sino-report Consult Inc.
No.18 Zhichun Road, Haidian District. Beijing 100089.China
Information and data contained in this site is for reference only pursuant to operate your own risk